The cars - as pure speed machines, made to record very fast laps of a given circuit - they are jaw droppingly effective and incredible feats of engineering.
The cars - as racing cars - they are shite. 
And the answer is?
Its supposed to be a race, so lose the engineering masterpieces and replace them with racing cars. Plenty of power, plenty of mechanical grip (but not too much) little if any downforce,lose the carbon brakes so we can bring back the last of the late breakers passing each other into corners,ban pit stops so they have to pass each other on the track. And electronics to provide sparks to the plugs and nothing else.
Red Bull and Vettell didnt win last year (and yesterday) Adrian Newey did. He is an engineering genius who can find a way to have an advantage even in the strictest set of rules. Whichever team he designs for wins. I have huge respect for him, but its not good for the sport.
The technological blind alley was started when Colin Chapman "discovered" ground effects - that was the day when F1 went down the road of having cars with more grip than the power out put of the engines could overcome - and that is not a good thing in any motorsport imo.
Bike racing is slowly heading down the same road(over reliance on electronic systems, masking differing abilty levels to a degree) and is losing its appeal(to me at least) as a consequence.